What’s more, there’s even talk of a potential second rate hike before year-end.

So, a year from now, you could be seriously regretting a decision to lock your money away for five years.

No wrong answer

I’m certainly not suggesting you don’t use up your ISA allowance on Halifax’s admittedly generous deal.

What I’m saying is that you should think carefully about what you want to achieve with your savings given that rates could soon rise.

You could have a look at easy access ISAs, which pay up to 1.25% at present, or perhaps lock your savings away for a year (best ISA rate currently 1.45%) and then reassess your options in 2019.

This way, you won’t waste your ISA allowance – remember, you’re only allowed £20,000 per tax year and the deadline is just days away – but you’re also not putting all your eggs in one long-term basket.